Bank of Canada cuts interest rate

Bank of Canada cuts interest rate, dollar plunges to recession low

OTTAWA—Acknowledging Canada is in a recession, Bank of Canada Governor Stephen Poloz sought to bolster economic growth by lowering the central bank’s trend-setting overnight interest rate to 0.50 per cent from 0.75 per cent. The dollar reacted by plunging to a post-recession low of 77.43 cents U.S., a level not seen since March 2009 when Canada…